Steam Boiler Market will surge at 4% CAGR up to 2025 due to increasing demand for clean energy
Middle East & Africa steam boiler market is set achieve a moderate CAGR on account of ongoing industrialization along with increasing investment across small and medium scale industries including chemical and food processing.
Selbyville, United States – April 30, 2019 /MarketersMedia/ —
China steam boiler market surpassed USD 2 billion in 2018. Shifting trends toward industrial sector growth along rising focus of the government to boost in house manufacturing will augment the business growth. Easy availability of raw materials and large human capital coupled with robust macro-economic indicators have attracted significant foreign greenfield investments which will further enhance the industry outlook.
Global Steam Boiler Market is set to exceed USD 19 Billion by 2025, as reported in the latest study by Global Market Insights, Inc. Escalating demand for specialty chemicals, easy availability of feedstock coupled with increasing investment toward capacity additions of chemical production facilities will drive the market size for chemical applications. Ongoing technological advancements along with development of new industrial centers will further stimulate the product adoption.
Gas fired steam boiler market is anticipated to grow over 4% by 2025.Growing focus toward to reduce carbon footprint along with stringent government regulations toward adoption of fuel with low emissions levels is set to augment the business growth. Moreover, increasing adoption of energy efficient technologies along with declining natural gas prices will increase the product penetration in coming years.
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Natural gas fired steam boiler market is set to expand over 4% by 2025. Stringent government mandates toward adoption of low emissions fuels coupled with growing focus to reduce carbon footprint will stimulate industry growth. For instance, the European Union has set a target to reduce GHG emissions by 40% as compared to the 1990 levels by 2030. Furthermore, declining natural gas prices and increasing adoption of sustainable technologies will strengthen the product penetration in coming years.
Condensing steam boiler market is anticipated to grow over 5% by 2025. These systems are set to gain prominence on account of their ability to offer high efficiency along with reduced heating costs. Moreover, rising concerns toward environmental pollution along with adoption of stringent emission norms will further fuel the industry growth.
≥250 MMBtu/hr boilers in 2018, accounted for over 6% of steam boiler market revenue share. These systems are predominantly utilized across large scale food processing plants, steel mills, pulp & paper, petrochemical plants and refineries. Ongoing expansion of existing refineries along with escalating demand for primary metal will stimulate the deployment of high capacity units. Increasing disposable income along with the changing food consumption pattern will further complement the industry growth in coming years.
Roust industrialization rate coupled with increasing investments across SME industries including primary metal, chemical, and food processing will propel the deployment of steam generating units. Rising investments along with favorable government policies toward infrastructure expansion and development will stimulate the steam boiler market in coming years.
Notable industry participants across steam boiler market include Walchandnagar, SIME, Bosch, Thermax, BHEL, IHI, Siemens, Forbes Marshall, Clayton, Groupe Atlantic, Cochran, Mitsibishi Hitachi Power Systems, CMI, Hurst Boiler & Welding, AC Boiler, Doosan Heavy Industries, Vicotry Energy, Cleaver Brooks, Hoval, Babcock & Wilcox, Fulton, Fondital, Ferroli, and Rentech.
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Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/steam-boiler-market
Source: MarketersMedia
Release ID: 507826
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